Revaluation of holding

Stock Exchange Announcement

                    New Star Investment Trust PLC ('NSIT')                     

Following the announcement by New Star Asset Management Group Limited ('NSAMG')
of its proposed acquisition of the management rights of certain funds from
Aberdeen Asset Management, the directors of NSIT have decided to re-value
NSIT's holding of NSAMG with immediate effect to reflect the price of NSAMG's
shares to be issued as part of the financing of the above transaction.

As a result the total assets of NSIT are reduced by £2,187,500 equivalent to
3.1p per NSIT Ordinary Share.